ICRA Limited

Ratings assigned and not accepted (as on 07 May 2025)

1	2	3	4	5	6	7	8	9	10	11	12	13	14
Sl. No.	Name of the Issuer	Sector	Security/Instrument Type	Issue Size (In INR Million)	Date of Non-Acceptance	Listing Status (Listed/Proposed to be listed/Unlisted)	Rating assigned along with Outlook (if any)	Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings? (Yes/No)	Date of subsequent acceptance of final rating assigned	Final rating accepted by the issuer	Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating? (Yes/No)	Whether review/appeal of the disclosed unaccepted rating was granted by ICRA. (Yes/No)	Remarks (wherever applicable)
1	Kalyani Steels Limited	Ferrous Metals	Commercial Paper	500	18 Jul 2024	Listed	[ICRA]A1+	Yes	18 Jul 2024	[ICRA]A1+	No
2	Fairways Toll and Security Services Private Limited	Transport Services	Bank Facilities	600	16 Jul 2024	Unlisted	[ICRA]BB- (Stable)/[ICRA]A4	No			No
3	AMP Energy C&I Five Private Limited	Power	Bank Facilities	710	15 Jul 2024	Unlisted	[ICRA]BBB+ (Positive)	No			No
4	Kargwal Constructions Private Limited	Construction	Bank Facilities	700	15 Jul 2024	Unlisted	[ICRA]BB-(Stable)	No			No
5	Kean Construction Private Limited	Construction	Bank Facilities	750	15 Jul 2024	Unlisted	[ICRA]B+(Stable)	No			No
6	E to E Transportation Infrastructure Private Limited	Construction	Bank Facilities	1100	10 Jul 2024	Unlisted	[ICRA]BB+(Positive)/[ICRA]A4+	No			No
7	The Jute Corporation Of India Limited	Commercial Services & Supplies	Bank Facilities	2500	05 Jul 2024	Unlisted	[ICRA]A+ (Stable)	Yes	08 Jul 2024	[ICRA]A+ (Stable)	No
8	Graphic Era Education Society	Other Consumer Services	Bank Facilities	2000	26 Jun 2024	Unlisted	[ICRA]BBB+(Negative)/ [ICRA]A2	No			No
9	Agra Waste Water Management Private Limited	Other Utilities	Issuer Rating	0	25 Jun 2024	Unlisted	[ICRA]BBB+(Stable)	Yes	26 Jun 2024	[ICRA]BBB+(Stable)	No
10	Parsons Nutritionals Private Limited	Food Products	Bank Facilities	279.8	21 Jun 2024	Unlisted	[ICRA]BBB+ (Positive)	No			No
11	The Peerless General Finance & Investment Company Limited	Finance	Bank Facilities	2500	28 May 2024	Unlisted	[ICRA]BBB+ (Stable)	No			No
12	SHANKARANARAYANA CONSTRUCTIONS PRIVATE LIMITED	Construction	Bank Facilities	5000	27 May 2024	Unlisted	[ICRA]A (Stable) / [ICRA]A1	No			No
13	Bio-Pharma Laboratories Private Limited	Pharmaceuticals & Biotechnology	Bank Facilities	200	22 May 2024	Unlisted	[ICRA]BB (Stable) / [ICRA]A4+	No			No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.